Car sales drive Singapore’s retail sales up by 6.1%
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Ironically, petrol service station sales dropped the most.
Motor vehicle sales almost single-handedly towed Singapore’s retail sales as it grew by 5% compared to last month. Excluding motor sales, retail sales would only grow by a measly 1.3% from last year.
According to data from the Department of Statistics, car sales almost doubled (43.9%) since last year, illustrating the gravity of the pull.
Meanwhile, total retail sales value is at an estimated $3.5b, higher than $3.3b from August 2014.
The massive scale of motor sales growth picked up the slack for ailing sectors such as the petrol service station sales, optical goods and books, and food and beverages, whose retail sales fell by 20%, 11.8%, and 6.4% yoy respectively.
Medical goods and services trailed car sales in growth, elevating by 10.9%, while watches and jewellery followed with an 8.7% growth.
Questions & Answers
Q.What was the total retail sales value for the period discussed?
What was the total retail sales value for the period discussed?
The total retail sales value reached an estimated $3.5 billion. This figure is higher than the $3.3 billion recorded in August 2014, showing an overall increase.
Q.Which retail sectors experienced a decline in sales?
Which retail sectors experienced a decline in sales?
Petrol service stations saw the biggest drop at 20% year-on-year. Optical goods and books fell by 11.8%, and food and beverages declined by 6.4% during the period.
Q.How significant was the impact of motor vehicle sales on the overall retail growth?
How significant was the impact of motor vehicle sales on the overall retail growth?
Motor vehicle sales almost single-handedly drove the 6.1% overall retail sales growth. Without them, retail sales would have only increased by a modest 1.3% from the previous year.
Q.Besides motor vehicles, which other retail sectors showed growth?
Besides motor vehicles, which other retail sectors showed growth?
Medical goods and services saw a notable growth of 10.9%, trailing car sales. Watches and jewellery also experienced positive growth, increasing by 8.7%.
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